LOS ANGELES, CALIF. – On Thursday, May 24, 2018, the Stop the Debt Trap Los Angeles, a coalition of consumer and civil rights advocates and faith leaders, will host a press conference in Los Angeles to rally behind the County’s anticipated release of a report that aims to curtail predatory lending. The advocates will also urge Los Angeles Assemblymembers to support AB 2500, the Safe Consumer Lending Act, a bill to put in place a 36% interest rate cap for consumer loans of $2,500 to $5,000, which would help families in Los Angeles from falling into an abusive debt trap.

The County Board of Supervisors, led by Supervisors Hilda Solis and Sheila Kuehl, approved a motion last December instructing several County agencies, including the Department of Business and Consumer Affairs, Department of Regional Planning, and County Treasurer and Tax Collector to put together a report identifying outreach and regulatory approaches to protect Angelenos from harmful financial products. The report, which is expected to be released late May or June, targets the need to put in place protections against predatory payday loans.

AB 2500, which was introduced by Assemblymember Ash Kalra (D-San Jose) and is co-authored by Senators Holly J. Mitchell (D-Los Angeles) and Steven Bradford (D-Los Angeles), would protect California families from abusive high-cost installment loans, including those made by car title lenders. The legislation would drastically reduce the costs of consumer loans of $2,500 to $5,000, where currently the majority of lenders are changing more than 100% APR. Just recently, LA County joined eight other cities and counties in support of AB 2500.

*Media interested in attending should RSVP to ricardo.quinto@responsiblelending.org*

Los Angeles, Calif. – Thursday, May 24, 2018
Who: Speakers from…
 New Economics for Women
 Clergy & Laity United for Economic Justice
 UnidosUS
 Center for Responsible Lending
What: Stop The Debt Trap LA Press Conference On Combatting Predatory Lending
Time: Approximately 10 a.m.
Where: NEW Economics for Women, 303 S. Loma Drive, Los Angeles, Calif. 90017